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mihalych1998 [28]
3 years ago
12

A one-year insurance policy was purchased on June 1 for $2,400. The adjusting entry on December 31 would be:

Business
1 answer:
Lena [83]3 years ago
8 0

Answer:

Adjusting Journal Entry:

Debit Insurance Expense $1,400

Credit Prepaid Insurance $1,400

To record the insurance expense for the year (7 months).

Explanation:

This adjustment will cause the Prepaid Insurance account to remain $1,000.  This balance represents the insurance cost for 5 months having deducted the insurance cost for 7 months from June 1 to December 31.  So, in line with the accrual concept and the matching principle of generally accepted accounting principles, only $1,400 Insurance was incurred for the current year.  The balance will be charged to the account when the service is consumed.

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Advertising begins with the ________, the person or organization that uses advertising to send out a message about its products.
irina1246 [14]

Answer:

<u>Advertiser</u>

Explanation:

Advertising refers to promoting a product or a service with an objective to enhance it's sales and identify the prospective buyers of a product.

Advertisement medium may include , print media advertisements such as journals, newspapers, catalogs, posters, magazines, etc.

Advertising may also utilize visual space and audio means such as advertisements on radios, televisions, internet, etc.

The process begins with the advertiser who is usually the seller, refers to a person or an organization desirous of selling it's products.  The seller decides the method of advertisement as per the kind of products he/she deals in and the cost he/she is willing to bear, since advertisements can be very costly.

The advertiser can be simply defined as the payer for the advertisement.

3 0
3 years ago
Match the correct strategy to the risk..
Brilliant_brown [7]

The following would be the correct answers in order to match the correct strategy to the risk:

1 - Disability Insurance - A Disability

2. Read all contract before you sign - C Scams

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3 0
3 years ago
Nu Company reported the following pretax data for its first year of operations. Net sales 2,950 Cost of goods available for sale
melomori [17]

Answer:

NU company.

The reason LIFO and FIFO present 2 different valuation of inventory is because of the way inventory is expensed in either methods.

LIFO stands for Last in First out. Meaning the last stock to be received should be the first to be issued to production.

If it thus shows that our costs of inventory has been increasing over the period, the inventory expensed to cost of sales will be high while the inventory balance in the balance sheet low. And the reverse if the costs of new inventory purchases have been declining.

FIFO stands for First in First out. Meaning the first inventories receives must be exhausted before we move to the receipt after that, and on and on.

If it thus shows that our costs of inventory has been increasing over the period, the inventory expensed to cost of sales will be low while the inventory balance in the balance sheet high. And the reverse if the costs of new inventory purchases have been declining

Nu company Gross Profit

Net sales $2,950

Less costs of sales:

Cost of goods available for sale 2,350

Less inventory closing 920

Costs of sales 1,430

Gross profit $1,520

Gross Profit % = $1,520 / $2,950

= 52% (c)

3 0
3 years ago
If Black Diamond has teams of employees working on projects from nations around the world with varying cultural backgrounds and
kiruha [24]

Answer:

d. Deep-level diversity

Explanation:

The term diversity includes the differences that are possessed by the individuals and that distinguishes them from each other. The variation in physical attributes, beliefs, nationality, religion and other such aspects helps in building what is termed to be diversity.  

Deep-level diversity is characterized with the attributes that are non-observable. The beliefs, ideas, values and religion are the attributes of deep-level diversity.  

According to the given excerpt, the cultural backgrounds and outdoor interests are the aspects that are unobservable and therefore grouped under deep-level diversity.

3 0
3 years ago
The human genome is thought to contain about how many genes? 1,000–2,000 4,000–6,000 100,000–110,000 13,000–15,000 20,000–25,000
kolbaska11 [484]
THERE IS AROUND 100,000 OR MORE GENES IN THE HUMAN BODY
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